Deemed Cash definition
Deemed Cash shall have the meaning provided in Section 10.4(b).
Deemed Cash means, in connection with any Disposition: (a) the assumption by the transferee of Indebtedness (other than subordinated Indebtedness or preferred stock) of the Parent Borrower or of any Restricted Subsidiary (in which case, the Parent Borrower or such Restricted Subsidiary will, without further action, be deemed to have applied such deemed cash to Indebtedness in accordance with clause (b)(ii) of the definition of “Net Proceeds”), provided, that, the amount of assumed Indebtedness that is deemed to be cash for purposes of Section 6.6(d) shall not exceed $200,000,000 in the aggregate from and after the Effective Date; (b) securities, notes or other obligations received by the Parent Borrower or any Restricted Subsidiary from the transferee that are converted, sold or exchanged within ninety (90) calendar days of receipt thereof by the Parent Borrower or such Restricted Subsidiary into cash (to the extent of the cash received in such conversion, sale or exchange); and (c) in the case of such Disposition, promissory notes received by the Parent Borrower or any Restricted Subsidiary from the transferee having an aggregate principal amount not to exceed $20,000,000.
Deemed Cash means, with respect to any Excluded Asset Sale, collectively, (1) liabilities described in Section 4.11(a)(2)(B)(i) and (2) securities described in Section 4.11(a)(2)(B)(ii).
Examples of Deemed Cash in a sentence
This agreement does not impact Modified Endowment (MEC) and Guideline Premium Limits (GPT) Cost Yes, A separate charge, LTC Cost of Insurance Charge, will be assessed against the Accumulation Value, Minimum AV Shadow Account (Eclipse products only), DBGA Shadow Account, and the CVAT Deemed Cash Underwriting Required This agreement will require separate underwriting.
For greater certainty, the obligation of Methanex to pay the Methanol Exclusivity Fee, in any given month, is contingent upon the Cash Margin/Gallon or the Deemed Cash Margin/Gallon, as the case may be, for such month being a positive number and the cumulative Cash Margin/Gallon or Deemed Cash Margin/Gallon, in any given Year, being a positive number.